POE. 40 ILCS 5/7-132 from Ch. 108 1/2, par. 7-132 Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Code to authorize participation in the Fund by the employees of a charter school who are not eligible to participate in any other pension fund or retirement system established under the Code. Effective immediately. PENSION IMPACT NOTE (Pension Laws Commission) Employees of employers joining IMRF receive credit (without making contributions) for 5 years or 20% of service with the employer, whichever is less. Upon joining IMRF, a charter school would be required to make annual contributions to amortize the unfunded liability (over 10 years) created by employees' past service credit. The resulting increase in un- funded liability and associated annual costs cannot be deter- mined, as the amount of outstanding service that would be granted to employees of charter schools is unknown. Allowing certain employees of charter schools into IMRF would not affect the accrued liability or annual cost of any other IMRF employ- er. MAY-21-2001 H FILED WITH CLERK MAY-21-2001 H FIRST READING MAY-21-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES NOV-19-2001 H PENSION NOTE FILED NOV-19-2001 H COMMITTEE RULES JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary